Loans to family members
When documenting loans to family members, the document should include a term, even if it says “a term of 10 years, to be renewed every 10 years”.
For significant loans for properties, consider registering a mortgage to secure your rights in the event of family breakdown.
CGT - Principal Place of Residence
If a previous principal place of residence has been rented out, before a 6 years period, it may be advisable for the owner to move back in to ensure its CGT free status. This should be for a minimum of at least 3 months and then they could extend the CGT provision for another 4 years. During the move back in, the owner may want to use this time for renovations in the event they again rent it out.
If you don’t move back in before the 6 years is up, the capital gains tax will be on a pro rata period only. e.g., if the period of absence is 7 years, capital gains tax will only be calculated for the one year.
SMSF contributions and pension payments
To help with compliance and the audit of SMSFs, couples contributing at same time should make separate contributions. Similarly, pension payments should be separately paid as well.
This will ensure that correct contributions and pension payments have been made and will clarify these for your accountant and auditor.